July 4, 2023 • 9 mins
Here are a few things Pete covers:
- The role of data and research in decision making
- Objectivity and the credibility of data
- Using data to identify patterns and make effective choices
- The importance of adaptability in decision making
- Practical tips for gathering and analyzing data
It's time to take action:
After listening to the podcast, take a moment to assess your approach to decision making. Consider the following:
- Identify your information needs before gathering and conducting research.
- Choose the right data sources that provide accurate and reliable information.
- Utilize a mix of qualitative and quantitative data for a comprehensive understanding.
- Analyze the data and visualize it in a format that helps you make informed decisions.
- Interpret the findings and communicate the insights to your team and stakeholders.
Download Link: Decision Activator 5 Fs Worksheet
Are you looking to make some changes in your business and your life in 2024? Head over to speaktopete.com and book a chat with me to see if we're the right fit!
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Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Unknown (00:03):
What's the most important thing you do as a
leader of your business? Well,you make decisions, and it's all
about the steady progression ofmoving from operator to owner in
your business. Ultimately,decisions should be made at the
lowest possible level of yourorganisation. And if you're
making all of the decisions,you've got some work to do. And
in this six part series, we'llgo through the five F's of
(00:27):
better decision making, theframework will help get the
craziness out of your head andonto paper so that you can
reduce procrastination andadvance the ideas you have even
faster to download a PDF copy ofdecide already the five apps of
decision making, as well as adownloadable worksheet on the
subject so that you can makefaster and better decisions in
(00:48):
your life and business. Slide onOver to simplifying
entrepreneurship.com five apps,that's simplifying
entrepreneurship.com forwardslash number five, the letter F,
and the letter S, the facts,well, how important are the
facts? They're pretty darnimportant in making a better
decision, aren't they? You know,it all started last week with
(01:09):
the future and having fullclarity of what you want the
good and the bad of thisdecision. And, you know, what if
we win? And what if we don'twin? And the vision of that, as
we have this idea as to whatdoes it look like to win? And
what does it look like to lose,we dig into the facts, and I
like to put them in twodifferent buckets. The first
(01:30):
bucket is the facts that weknow. And then the other bucket
is the facts that we need toknow right, we're going to dig
into that. And we're going toreally leave sort of the figures
out of it. Because the figuresside of it, the number side of
it is really step number threein the five apps. But we'll dig
into the facts a little bitaround the figures in next
(01:52):
week's episode. So this week,we're going to talk a little bit
about the role of data andresearch in the decision making
process. You know, the the roleof facts, really, and here are
some of the reasons why data andresearch play a crucial role in
decision making, at least as Isee them anyway. And the first
one is objectivity and the dataand research really provide
objective evidence that can helpyou make more informed
(02:14):
decisions. And one of the thingsover the years that I'll raise
my hand and say, I've been oneof these people that I don't
always dig through the factsmaybe as much as I should I need
to surround myself with peoplethat are good fact finders,
because I'm okay. Generally withjust an executive summary. I
don't need to dig into as muchof the detail as maybe I should.
(02:39):
What about you? Are you a FactFinder? Are you want these
people that needs all theinformation before you make the
decision? Sometimes you need tohave somebody on your team that
can help you even get a bit moreso that decision making is made
even a little better. Right? Youalso have to understand the
validity of the data. Is itcredible? Is it really backed by
(02:59):
any evidence at all? Is it wellreasoned? This can really help
build trust and confidence amongnot only your your decision
making, but your team and yourstakeholders and your customers
around this decision? Is itefficient? By using the data and
research to inform yourdecisions? You can identify
(03:20):
patterns and trends and insightsthat can help you make even more
effective choices. When youthink of some of the data? Can
you plug it into graphs? Can youplug it into different ways of
thinking about things so thatyou can make decisions even
faster, it can lead to betterresource allocation, improved
processes, and really higherlevels of success for your
(03:42):
business. Because when you havequicker more expeditious
decision making your businessgrows quicker, you are able to
break through those ceilings.
Now that we've established theimportance of data and research
and decision making, and we'llexplore a few practical tips for
gathering and analysing some ofit as well. You know, gathering
and analysing relevantinformation is so, so important.
(04:02):
One of my friends, Ari Mizel.
He's been on the podcast before,actually. But he uses this
concept called the externalbrain, which is really cool.
Because as people, we have lotsof stuff in our brain that helps
us make decisions, but sometimesyou just can't store it all. So
how are you storing? How are yougathering all of the decision
(04:25):
making facts and figures thatyou need in order to make this
decision? So it helps when youstart off the fact process by
really identifying yourinformation needs. And before
you can gather and conduct theresearch, you need to identify
the specific information youneed to make from the informed
decision. And that started backin the future component of last
(04:46):
week. Right? That's the what dowe win and what do we lose
component of this and what do weneed to get in order to make the
decision happen? The second stepis to choose the right data
sources and to ensure thatdecisions are made
based on accurate and reliableinformation, it's so crucial to
choose the right data sources,it might include internal data
(05:06):
from your business. It mightinclude external reports, or
market research, or maybecustomer feedback or insights
from trusted experts. There's avariety of data sources, but so
important to be picking theright ones, or else your
decision might be skewed andprobably will be skewed. You got
to use the mix of qualitativeand quantitative data. And we
(05:27):
talked about this a little bitoff the bat. This episode is
more a little bit about thequalitative information. And
next week's episode on figuresis more about the quantitative
information. But thequantitative data can provide
objective insights and thequalitative data will help you
understand the subjectivefactors and emotions that may be
influential of your decision.
And you need to mix a little bitof both. After you've got all
(05:52):
that data, now it's time toanalyse it. Once you've gathered
it, it's essential to really sitdown with it, understand it on a
global sort of big picturescale. It might involve using
some visualisation tools. Somepeople are really good at
visualising stuff, and othersaren't. And if you're one that
isn't, then put it into somesort of format that's going to
(06:14):
help you visualise what it isyou're about to make the
decision upon. You got tointerpret the findings and
communicate the insights toeverybody involved in the
decision. by interpreting thefindings, really, it's, it's all
around considering what the datais telling you and how it can
help you make more informeddecisions and how it can help
(06:35):
you and your team and yourclients have that better life.
And then we come intocommunicating them. It's so
important to communicate yourfindings to your team and your
stakeholders, share yourinsights, explained the
rationale behind your decisions,and discuss how the data
supports your choices. This isthe final F piece that we're
going to dig into a little morethoroughly around the feedback
(06:56):
portion of the decision beforewe come to the final decision,
right, we're going to becontinuously updating and
refining this data until we makethat final decision. And even
after the final decisions, thereare no perfect decisions,
sometimes we need to make itwith the best information that
we have, and then adjust it onthe fly afterwards. And that's
(07:19):
the idea here of moving theball. That's the idea of
entrepreneurial growth, we needto just go ahead and make a
decision and move ahead. Becauseif you're paralysed with a
procrastination, of never beingable to make those big
decisions, your business simplywon't grow. So think about how
you assemble facts, how youstore facts, and how you use
(07:42):
facts to help you make betterdecisions based on the future
that you determined in thatfirst step of the decision
activator platform. Next week,we'll dig into the figures, that
middle half of the five apps ofdecision making. And it's an
important one and it's one thatsome people just tend to
(08:02):
overlook. But you know, as withall five of these pieces, if you
overlook any of them, you're notgoing to get the best decision
that you can for your businessin your life as an entrepreneur.
So think about how you assemblefacts for decision making and
how your team does do and go andmake it a great day.
(08:29):
And ironic media production,visit us at our ONICK media.com
What's the most important thing you do as a
leader of your business? Well,you make decisions, and it's all
about the steady progression ofmoving from operator to owner in
your business. Ultimately,decisions should be made at the
lowest possible level of yourorganisation. And if you're
making all of the decisions,you've got some work to do. And
in this six part series, we'llgo through the five F's of
(00:27):
better decision making, theframework will help get the
craziness out of your head andonto paper so that you can
reduce procrastination andadvance the ideas you have even
faster to download a PDF copy ofdecide already the five apps of
decision making, as well as adownloadable worksheet on the
subject so that you can makefaster and better decisions in
(00:48):
your life and business. Slide onOver to simplifying
entrepreneurship.com five apps,that's simplifying
entrepreneurship.com forwardslash number five, the letter F,
and the letter S, the facts,well, how important are the
facts? They're pretty darnimportant in making a better
decision, aren't they? You know,it all started last week with
(01:09):
the future and having fullclarity of what you want the
good and the bad of thisdecision. And, you know, what if
we win? And what if we don'twin? And the vision of that, as
we have this idea as to whatdoes it look like to win? And
what does it look like to lose,we dig into the facts, and I
like to put them in twodifferent buckets. The first
(01:30):
bucket is the facts that weknow. And then the other bucket
is the facts that we need toknow right, we're going to dig
into that. And we're going toreally leave sort of the figures
out of it. Because the figuresside of it, the number side of
it is really step number threein the five apps. But we'll dig
into the facts a little bitaround the figures in next
(01:52):
week's episode. So this week,we're going to talk a little bit
about the role of data andresearch in the decision making
process. You know, the the roleof facts, really, and here are
some of the reasons why data andresearch play a crucial role in
decision making, at least as Isee them anyway. And the first
one is objectivity and the dataand research really provide
objective evidence that can helpyou make more informed
(02:14):
decisions. And one of the thingsover the years that I'll raise
my hand and say, I've been oneof these people that I don't
always dig through the factsmaybe as much as I should I need
to surround myself with peoplethat are good fact finders,
because I'm okay. Generally withjust an executive summary. I
don't need to dig into as muchof the detail as maybe I should.
(02:39):
What about you? Are you a FactFinder? Are you want these
people that needs all theinformation before you make the
decision? Sometimes you need tohave somebody on your team that
can help you even get a bit moreso that decision making is made
even a little better. Right? Youalso have to understand the
validity of the data. Is itcredible? Is it really backed by
(02:59):
any evidence at all? Is it wellreasoned? This can really help
build trust and confidence amongnot only your your decision
making, but your team and yourstakeholders and your customers
around this decision? Is itefficient? By using the data and
research to inform yourdecisions? You can identify
(03:20):
patterns and trends and insightsthat can help you make even more
effective choices. When youthink of some of the data? Can
you plug it into graphs? Can youplug it into different ways of
thinking about things so thatyou can make decisions even
faster, it can lead to betterresource allocation, improved
processes, and really higherlevels of success for your
(03:42):
business. Because when you havequicker more expeditious
decision making your businessgrows quicker, you are able to
break through those ceilings.
Now that we've established theimportance of data and research
and decision making, and we'llexplore a few practical tips for
gathering and analysing some ofit as well. You know, gathering
and analysing relevantinformation is so, so important.
(04:02):
One of my friends, Ari Mizel.
He's been on the podcast before,actually. But he uses this
concept called the externalbrain, which is really cool.
Because as people, we have lotsof stuff in our brain that helps
us make decisions, but sometimesyou just can't store it all. So
how are you storing? How are yougathering all of the decision
(04:25):
making facts and figures thatyou need in order to make this
decision? So it helps when youstart off the fact process by
really identifying yourinformation needs. And before
you can gather and conduct theresearch, you need to identify
the specific information youneed to make from the informed
decision. And that started backin the future component of last
(04:46):
week. Right? That's the what dowe win and what do we lose
component of this and what do weneed to get in order to make the
decision happen? The second stepis to choose the right data
sources and to ensure thatdecisions are made
based on accurate and reliableinformation, it's so crucial to
choose the right data sources,it might include internal data
(05:06):
from your business. It mightinclude external reports, or
market research, or maybecustomer feedback or insights
from trusted experts. There's avariety of data sources, but so
important to be picking theright ones, or else your
decision might be skewed andprobably will be skewed. You got
to use the mix of qualitativeand quantitative data. And we
(05:27):
talked about this a little bitoff the bat. This episode is
more a little bit about thequalitative information. And
next week's episode on figuresis more about the quantitative
information. But thequantitative data can provide
objective insights and thequalitative data will help you
understand the subjectivefactors and emotions that may be
influential of your decision.
And you need to mix a little bitof both. After you've got all
(05:52):
that data, now it's time toanalyse it. Once you've gathered
it, it's essential to really sitdown with it, understand it on a
global sort of big picturescale. It might involve using
some visualisation tools. Somepeople are really good at
visualising stuff, and othersaren't. And if you're one that
isn't, then put it into somesort of format that's going to
(06:14):
help you visualise what it isyou're about to make the
decision upon. You got tointerpret the findings and
communicate the insights toeverybody involved in the
decision. by interpreting thefindings, really, it's, it's all
around considering what the datais telling you and how it can
help you make more informeddecisions and how it can help
(06:35):
you and your team and yourclients have that better life.
And then we come intocommunicating them. It's so
important to communicate yourfindings to your team and your
stakeholders, share yourinsights, explained the
rationale behind your decisions,and discuss how the data
supports your choices. This isthe final F piece that we're
going to dig into a little morethoroughly around the feedback
(06:56):
portion of the decision beforewe come to the final decision,
right, we're going to becontinuously updating and
refining this data until we makethat final decision. And even
after the final decisions, thereare no perfect decisions,
sometimes we need to make itwith the best information that
we have, and then adjust it onthe fly afterwards. And that's
(07:19):
the idea here of moving theball. That's the idea of
entrepreneurial growth, we needto just go ahead and make a
decision and move ahead. Becauseif you're paralysed with a
procrastination, of never beingable to make those big
decisions, your business simplywon't grow. So think about how
you assemble facts, how youstore facts, and how you use
(07:42):
facts to help you make betterdecisions based on the future
that you determined in thatfirst step of the decision
activator platform. Next week,we'll dig into the figures, that
middle half of the five apps ofdecision making. And it's an
important one and it's one thatsome people just tend to
(08:02):
overlook. But you know, as withall five of these pieces, if you
overlook any of them, you're notgoing to get the best decision
that you can for your businessin your life as an entrepreneur.
So think about how you assemblefacts for decision making and
how your team does do and go andmake it a great day.
(08:29):
And ironic media production,visit us at our ONICK media.com
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